The Italian government is reportedly considering reducing the capital gains tax on cryptocurrencies from 42% to 28%. Prime Minister Giorgia Meloni's administration is said to be in favor of a 28% tax rate, a slight increase from the current 26% rather than the initially proposed 42%. Minister of Economy and Finance Giancarlo Giorgetti has supported this tax adjustment. The reasons behind the decision to lower the tax rate on crypto remain unclear. The surge in cryptocurrency prices post the US election, where pro-digital asset policymakers were elected, may have influenced this decision. The previous plan to raise the tax to 42% aimed to generate $18 million annually, but the new 28% proposal may result in lower revenue. The final decision on the tax hike is pending approval from Italian lawmakers, with some officials like Giulio Centemero questioning the effectiveness of taxing cryptocurrencies. Read more AI-generated news on: https://app.chaingpt.org/news